Home Loan Calculator
July 5, 2014
The word PREPARE is important when it comes to taking out home loans in SA. That’s why a home loan calculator exists on virtually every loan company and bank site. You as the borrower should PREPARE for the day that you finally take that big step and buy a house.
Remember the word PREPARE. It is a good way to remind you of the important steps involved before and during your home loan application. Let’s see why:
P is for Perception
Your perception of the home loan market may be completely different to reality. Use a home loan calculator to get a grip on that. It’s important to get the right perspective before you apply online for loans or quotes. So many people have burned their fingers before you. Don’t make the same mistake. This leads us to the next point…
R is for Research
Doing proper research is essential if you want to prevent any surprises. Find yourself a good mortgage calculator and work out what you can afford. Know what your limits are. You don’t want to bite off more than you can chew. Being in unmanageable debt is not fun! Grab a calculator and start doing your sums.
E is for Expecting the unexpected
No matter how good your research, unexpected things do pop up. A home loan calculator doesn’t work out every little detail. Perhaps you’ve forgotten to budget for the moving costs. Or maybe you’ve miscalculated the rates and taxes for your new home. Whatever the case, prepare yourself for things like that. A finance calculator (there are so many different ones) will allow you to work out all your expenses in addition to the repayment calculator you used. These are there for you to use. Make the best of the available technology banks and lending companies provide.
P is for Prioritize
Once you have a full picture after using the relevant finance calculator, you can prioritize your expenses. Since you know what you can pay, start working out a budget that fits the bond repayments you plan to make. Thank goodness for the convenience of a home loan calculator!
A is for Access
Besides important aspects like using a home loan calculator, you should also access as many competitive quotes as you can. Do this now by clicking on the link we’ve provided. You will be taken to an online form. Simply fill in your details and home loan criteria. Once you’re done, a multitude of relevant quotes will come your way. Compare and choose at will. Consider using a bond calculator again after you have your quotes in order to get a fuller picture.
R is for calculated Risk
All of the above actions put you in a comfortable position for making your move. Choose the best option from the quotes on home loans you received. Risks are only good if they are calculated risks. If you’ve done your research and used a loan calculator in preparation, your risk is calculated too.
E is for Enjoy
There shouldn’t be much to worry about if you’ve done everything right.
– You’ve learnt how to evaluate the market.
– You know how to use a home loan calculator.
– You’ve considered all the risks involved by using an online bond repayment calculator.
– You’ve obtained comparative quotes.
– And you’ve learnt how to manage your finances better.
All that’s left now is to enjoy your new home and let the finances take care of themselves.
All info was correct at time of publishing